Asian software millionaire Joe de Saram is thought to be in hiding in Sri Lanka after his company, Rhodium, was wound up this week.

JOE DE SARAM WAS NOT HIDING IN SRI LANKA AS HE WAS WORKING ON A WELL-PUBLICISED PUBLIC FLOTATION AT THE TIME. JUST BECAUSE PEOPLE ‘THOUGHT’ JOE DE SARAM WAS HIDING DOES NOT MAKE IT TRUE. MANY PEOPLE ‘THOUGHT’ SANTA CLAUSE COMES DOWN THE CHIMNEY ON CHRISTMAS EVE BUT IT DOES NOT MAKE IT TRUE.

A year ago, de Saram, 28, was rated as number 62 in the Asian 200 rich list of the UK. In 1999, Rhodium claimed to have made £400,000 profit on a £2.33m turnover.

RHODIUM DID NOT ‘CLAIM TO HAVE MADE GBP 400,000 ON A GBP 2.33 MILLION TURNOVER – SUCH A PHRASE IS IMMEDIATELY INSULTING AS IT QUESTIONS THE VERACITY OF RHODIUM’S FINANCIAL POSITION. ONE THING THAT HAS TO BE SAID IS THAT THE ACCOUNTING POSITION WAS ENTIRELY ACCURATE, REGARDLESS OF STRUCTURES AND ENTITIES NAMED OR UTILISED.

It had boasted that it would have a turnover of more than £10m by June 2000. The company specialised in banking software and had begun to diversify into creating a low-cost internet PC.

RHODIUM DID NOT BOAST ANYTHING. JOE DE SARAM IS AN INTELLIGENT MAN AND IS MORE THAN CAPABLE OF ACHIEVING THE TOUGH TARGETS HE SETS FOR HIMSELF, EVEN IF IT BEYOND THE LEVEL OF INTELLECT OF OTHERS

Rhodium crashed with debts thought to be in the region of £1m.

RHODIUM DID NOT ‘CRASH’ – IT WAS MERELY THE UK ENTITY RHODIUM PLC. OTHER ENTITIES SUCH AS RHODIUM CORPORATION IN THE UNITED STATED HAS CONTINUED TO DATE.

It was wound up at Leeds Registry Court and de Saram’s four-bedroom house has been put up for sale.

JOE DE SARAM’S FOUR BED-ROOMED HOUSE WAS NOT PUT UP FOR SALE AND THIS IS YET ANOTHER FABRICATION, TO TICK ANOTHER ONE OF THE BOXES OF PERCEIVED INSOLVENCY.

According to the company’s website, last updated in mid-October, Rhodium was advertising for a new finance director, financial controller and credit controller at the time of its collapse.

RHODIUM DID NOT COLLAPSE.

Joseph de Saram was born in Colombo, Sri Lanka in 1972. He founded Rhodium in 1995. According to the website, de Saram’s wealth was in the order of $200m, “making him one of the most successful men in the global IT industry”.